Milestone Pharmaceuticals Inc. Q2 2026 Earnings Recap

Shares declined 15.7% following the quarter as investors reacted negatively to persistent low market access, with only 25% commercial insurance coverage during Q2 limiting growth potential despite early launch progress.

Key Takeaways

• Total prescriptions grew to over 1,200 in Q2, up from around 300 in Q1, totaling more than 1,500 for the first half of 2026.
• Unique prescribers increased to over 600 in Q2 from about 200 in Q1, with over 800 total in the first half.
• Patient count receiving CARDAMYST rose to over 1,000 in Q2 compared to nearly 300 in Q1, totaling more than 1,300 in H1.
• Commercial formulary coverage remained stagnant at ~25% during Q2, only recently improving to over 50% in July/August, after the reported quarter.
• Phase III trial for AFib-RVR initiation underway, targeting a larger patient population with symptomatic atrial fibrillation requiring new self-administered treatments.